Constellation sells commodities business to Goldman Sachs
Constellation Energy is to sell the majority of its London-based international commodities business, including its coal and freight operations and European energy trading units, to Goldman Sachs.
The international commodities business is primarily based in London and includes the company's coal and freight platforms, as well as its European-focused power, gas and carbon trading operations. The transaction is expected to close by the end of the first quarter of 2009; terms were not disclosed.
Constellation's sale of its commodities business is part of a plan to increase the company's liquidity and reduce collateral requirements by divesting select merchant businesses. The company is also
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